Apple looks like “the only beacon in the market,” Cramer said, but “there’s got to be a little more to it.”

Lastly, Cramer said any industrial company with a strong balance sheet might be on the hunt for acquisitions now that banks will lend again. Names like Ingersoll-Rand and Emerson are too cheap right now, making them likely targets for Eaton, SPX and others. A name like Ingersoll might work for investors, too. That company reported disappointing earnings and lowered estimates, but still the stock is down only about 50 cents. A stronger company in another sector, Cramer said, might have dropped lower.